Stafford County, VA Market Report – 12/23/10

November was a very good month in the Stafford region!  While closed sales were down compared to this time last year, new listings were up ever so slightly, pending sales rose considerably, the median sales price increased and average days on market decreased!

October was a very slow month, which is typical right before an election, but we rebounded nicely in November.  Inventory is still way down and it is very hard for Buyers to find homes in good condition and in their desired locations.  The majority of homes on the market are still short sales, with foreclosures coming in second and regular sales coming in last.

While interest rates have been bouncing around, they are still extremely low and Buyers need to take advantage of them!  This is not the time to wait and see if prices are going to drop any more as the statistics below show that the median sales price in Stafford has increased by 6% from last year.  Even if prices do go down a little more, Buyers will not benefit from waiting if interest rates go back up.  Please read on for the latest statistical picture of Stafford County!

For November:

For Year to Date:

Market data and commentary by Amy Cherry Taylor, Business Manager and Realtor at Avery-Hess, Realtors.

Search for homes in Stafford, and the all of the DC Metro: www.averyhess.com

Ashburn, VA Market Report – 11/29/10

Ashburn is following the normal seasonable pattern of softening prices and reduced inventory as we approach the holiday season. For some very focused buyers, the next six weeks will be the best time of year to buy a new home since there are fewer buyers in the marketplace to compete with. The stats and analysis for Ashburn are as follows:

• Homes for sale: 466 (down from 495 in September and up from 391 one year ago)
• Homes sold: 90 (down from the 101 units in September and down from last year’s 102 units)
• Average sold price: $410,646 (down from $445,265 last month but still up from $382,665 last year)
• Average days on market: 50 (amazingly stable in the 40-50 day range for the last year)

When you read in the paper about falling real estate prices nationwide, they are NOT talking about Ashburn.  This area has had steadily rising prices for almost two years now. Not only are the prices stable to rising, it is also a genuinely great place to live!

Market report provided by David Hess, Executive Vice President, Avery-Hess, Realtors.

Search for Homes in Ashburn, VA: www.averyhess.com

A Hint of Napa in Virginia

In recent years, Virginia has earned a burgeoning reputation as one of the nation’s best wine producing states. While the Old Dominion is not considered the equal of California or the Pacific Northwest, it’s held in high regard, and two of the state’s finer vineyards lay just an easy jaunt to the west.

Fifty miles west of Arlington, a leisurely, winding drive along Route 7 sits Bluemont Vineyard. The winery rests on top of the highest hill in the area. At an elevation of 951 feet, their slate outdoor patio has sweeping vistas of the plains and farms below, and on a clear day, visitors can catch planes landing at Dulles Airport.

The place has an almost Colonial feel to it. When arriving, you might find gentlemen engaging in a form of craft-making. Last Saturday, standing to the side of the door was a retired man carving a table leg by hand, the wood flying on a spindle, a smile on his face as he enjoyed a reasonable warm November day.

Inside the feel of the winery is just as charming, with soft yellow walls accenting a grey stone floor. Eccentric wooden benches encircle unique wooden tables, an atmosphere that begets enjoyment. For just five dollars guests can enjoy six tastings, small sips of an array of different wines. Among the pours last week (they rotate depending on the mood of the server) were oaky chardonnays, fruity peach and strawberry wines, and a range of bold and dry reds. After the tasting, be sure to head upstairs, where local farmers bring wares to ply. Last Saturday, a Mennonite man offered samples of homemade cheese. Among his finest was a sharp, white cheddar, aged two years, crumbly yet soft.

A good second winery to visit, just ten miles back toward Leesburg, not far from the beautiful rural town, is Dry Mill Winery, the newest vineyard to hit the growing Virginia scene. But it may be its finest.

Dry Mill resides inside an old, converted barn, and the best place to do tastings there is the second floor banquet hall. The barn remains in the same state from when it was first built, with all the floors, exposed beams and trim still the original wood. Sharp white walls provide a lovely contrast to the dark oak. In the hall are two long tables, which can hold up to twenty people.

While the scenery at Dry Mill is nowhere near as picturesque as Bluemont, they make up for it with superior wines. While all their reds and whites tasted outstanding, their 2007 syrah packed a punch, a vintage and grape capable of holding its own against any syrah from any winery across the United States.

The red is a fantastic way to end an afternoon, a reminder that Virginia has the potential to one day be mentioned in the same breath as California. They already though, have the atmosphere and culture down pat though. While less than 45 minutes outside the Beltway, the wineries feel a country way, a Napa-esque world, right in our own backyard.

- David

Ashburn, VA Market Report – 10/19/10

Ashburn remains a stable and attractive residential real estate market. The stats and analysis are as follows:

• Homes for sale: 494 (same as in August and up from 404 one year ago)
• Homes sold: 101 (down from the 117 units in August but up a smidge from last year’s 97 units)
• Average sold price: $435,266 (down from the statistical spike of $460,373 in August but up from $424,550 last year)
• Average days on market: 47 (amazingly stable in the mid 40s for the last year)

Ashburn is a very stable market based on the stats and what agents are telling me. After the financial panics, people get back to the basics and ask, “where is a good place to live?” Then they go buy a home there. This is exactly what we have seen in Ashburn for the past 21 months since prices bottomed in November 2008.

The market place has normalized in the absence of any more government intervention. Hello Congress did you hear that! Consumers can actually make good decisions on their own.

Market report provided by David Hess, Executive Vice President, Avery-Hess, Realtors.

Search for Homes in Ashburn, VA: www.averyhess.com

Ashburn, VA Market Report – 8/31/10

Ashburn is still an active and hot residential real estate market. The stats and analysis are as follows:

• Homes for sale: 511 (same as in June and up from 440 one year ago)
• Homes sold: 88 (down from the tax credit induced 133 units in June and down from last year’s tax credit induced 121 units)
• Average sold price: $515,823 (a statistical spike over last month’s $444,119 and last year’s $435,855)
• Average days on market: 61 (very close to last year’s 60 days)

The increase of the trade up market, in which homeowners with equity sell and then buy a more expensive property, has resulted in a larger number of higher priced properties being sold.  More than we have seen in a long time causing the averages to go up.

Currently, we have a five-month supply of houses to purchase.  This is up from the four-months supply we had a few months ago. Remember that a six-month supply is considered a balanced market. If we can avoid another government housing stimulus, the market will have a chance to get back to “normal.”

Market report provided by David Hess, Executive Vice President, Avery-Hess, Realtors.

Search for Homes in Ashburn, VA: www.averyhess.com

Ashburn, VA Market Report – 7/19/10

Supply and demand are both growing in Ashburn, reflecting a growing economy and increased consumer confidence. According to the statistics, we have a balanced market with just under a four month supply. The conventional wisdom is that a balanced market has a six month supply. So the current direction on prices is still indicating up.

• Homes for sale: 511 (up from 497 in May  and up from 433 one year ago)
• Homes sold: 133 (about the same as May’s 131 and up from 123 in May 2009)
• Average sold price: $441,119 (down a bit from last month at $451,953 and about the same as $440,838 in May one year ago)
• Average days on market: 27 (the same as in May, but way down from 62 one year ago)

27 days on the market! A few years ago a 27 day average would have prices rising two percent or more per month. While fundamentals never change, there are times in every kind of market when things just get a bit out of whack. It happened in 2003-2006 when prices got bid to very high levels. While the statistics reflect a stable market, which is based on a comparison of month to month and one year ago, if we look back 18 months, we can see how far prices have come from their bottom in December 2008.

But c’mon, 27 days on the market?! When market times get that low and inventory is under four months, it is safe to forecast big price jumps. So that is my forecast.

Market report provided by David Hess, Executive Vice President, Avery-Hess, Realtors.

Search for Homes in Ashburn, VA: www.averyhess.com